Fourth quarter, fiscal 2018 revenues down
Darling Ingredients Inc. saw revenue of $853.1 million for the fourth quarter of 2018 (compared with $952.5 million for the same period in 2017) and consolidated revenue of $3.4 billion for the full year (compared with net sales of $3.7 million for the fiscal year ended 2017).
The company’s animal feed segment continued to face challenges from trade disruptions and lagging fat prices.
Net income attributable to Darling for the three months ended December 29, 2018, was $40.6 million, or $0.24 per diluted share, compared with a net income of $105.7 million, or $0.63 per diluted share, for the fourth quarter of 2017.
Net income attributable to Darling for the fiscal year ended December 29, 2018, was $101.5 million, or $0.60 per diluted share, as compared with a net income of $128.5 million, or $0.77 per diluted share, for the fiscal year ended December 30, 2017.
“Our fourth quarter truly showed the diversity and consistency of our global ingredients platform and the potential DGD has to transform Darling,” said Randall C. Stuewe, Chairman and CEO of Darling Ingredients Inc. “During the year, we made strong advancements executing our world of growth strategy to create a sustainable portfolio of value-added and specialty ingredients through multiple, completed construction projects, expansions and bolt on acquisitions.”
Feed Ingredients segment
Darling’s Feed Ingredients operating income for the three months ended December 29, 2018, was $12 million, a decrease of $14.9 million as compared to the three months ended December 30, 2017. Segment operating income was down in fourth quarter 2018 as compared to fourth quarter 2017 due to lower finished fat product prices and higher depreciation charges from increased capital expenditures that more than offset increased raw material volumes.
Feed Ingredients operating income for the fiscal year 2018 was $82.8 million, a decrease of $49.5 million as compared to fiscal year 2017.